Pretty similar to this question, we've moved LOG_tables to another database; however, there is civicrm_log table among "main" tables still (not sure why, since it keeps log records and, in theory, belongs to LOG_tables group). Size of civicrm_log table in our case grows pretty fast (80M at time i'm writing this), second biggest table in the db. We may need these records in a future, but moving table out of current setup makes it inaccessible for civi searches / reports. Keeping it makes simple database backup (via phpmyadmin) somehow troublesome. So, in case deletion will be chosen, is it safe to flush it?
Nothing stopping you flushing it but you will lose transitional information and any log data unless you also have audit logging switched on. You could keep a backup of it in a separate database if you need to stop it becoming a problem.